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Variable Costing and Absorption Costing - under the traditional costing approach, absorption costing, or full costing, products absorb all costs incurred to product them which can result in misleading product cost information for decision-making. Under variable costing only costs that change in total with changes in production level are included in product costs. The difference between the two costing methods is the exclusion of fixed overhead from product cost for variable costing. Post your response and ideas of the following...
Baker Asia produces and sells a single product, “Cheese Brownies”. The following data have been extracted from its budget and standard cost for the year 2019: RMSelling price per unit 80Manufacturing cost: Variable per unit produced 15Direct materials 7 Variable overhead 4 Fixed production overhead costs are budgeted at RM 180,000 per annum. Normal production levels are expected to be 9,000 units per annum. Budgeted selling and administrative cost are as follows:Variable per unit sold ...
Baker Asia produces and sells a single product, “Cheese Brownies”. The following data have been extracted from its budget and standard cost for the year 2019: RMSelling price per unit 80Manufacturing cost: Variable per unit produced 15Direct materials 7 Variable overhead 4 Fixed production overhead costs are budgeted at RM 180,000 per annum. Normal production levels are expected to be 9,000 units per annum. Budgeted selling and administrative cost are as follows:Variable per unit sold ...
1. If you ran a production business, how would you decide whether to use job costing or process costing for the product you produce? 2. How can process costing be applied to service companies that don't produce tangible inventory?
Compare and contrast the following costing methods: process costing, job order costing and activity based costing (ABC).
Knowing the various costing systems such as job costing, process costing, and activity-based costing. If a company was considering using one of these systems, what things should they consider? Provide 2-paragraph's discussing: The considerations that should be evaluated before selecting an appropriate costing system. What systems work better for different types of companies? When would each system be appropriate? The different types of information that would need to be determined, recorded and tracked. What types of costs would need to...
Explain Job costing and Process costing
Compare and contrast the following costing methods: process costing, job order costing and activity-based costing (ABC), including the advantages and disadvantages of using each one of them.
Pastazara Co. Ltd is a multi- product firm that specializes in the production of raviolis, gnocchis and tagliatelles. Customers of ravioli and gnocchi are very sensitive to any price change whereas demand for tagliatelle is quite inelastic. The company buys a single type of raw material that is being used in the manufacture of all three products. The company has been using full absorption costing for many years and absorbs overheads on the basis of direct labour hours. To fix...
Pyjamask Ltd is a pioneer in the production of medical masks. The company provides the following information for the financial years 2019 and 2020 for the production of GN95 masks. 2019 Rs 2020 Rs Direct Materials per unit - Material X - Material Y 45 60 55 65 Direct wages per unit 10 10 Variable production overheads per unit 25 25 Sales commission per unit 2.50 1.50 Selling price 200 300 Actual fixed production overheads 3,100,000 3,400,000 Fixed administration and...